The government Announces Relief Package For Exporters

After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.

In an strive to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give relief to the export segment. This move is required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction costs.

Measures like quick settlement of duty credit scrips to be able to issued ahead on the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater exchange strikes.

In order to promote trade facilitation, brand new has also extended a provision to reduce export obligations in line with the decline in exports.

Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided included in the recently announced export stimulus package.

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the crisis.